I’m working woman in private sector, and earning 4.5 l.p.a. My husband is also working and we together are paying EMI for home loan 15,101Rs. I’m investing 35,000Rs in mutual fund and LIC. My PF deduction is 1000Rs per month. I just wanted to know how much TDS should be deducted from my salary.
Thanks.
Following are the assumptions made in calculating the TDS to be deducted from your salary:-
1) Your Salary income is not clubbed with your husband's salary income in accordance to section 64(1)(ii)
2) The whole EMI is paid by you.
Calculation :-
Particulars Amt.
Salary 450000
Less : Deduction u/s 80C
EMI 15010
LIC & Mutual Fund 35000
P.F (1000x12) 12000
Taxable Income 395495
Total Tax payable 20549
TDS deductible per month 20549/12 = 1712
Regards,
Devendra Kulkarni
Dear devendra & anjali.
Whole EMI will not be deductible u/s 80C only principal amoynt is deductible and that also afler multiply by 12 months.
interest on housing loan will be deducted u/s 24 and for that purpose details of house will de required.
miss anjali u also not given the bifurcation of salary i.e which allowances are included in your salary.
whts procedure for submit IT Return of A.Y. 2007-08 in Dec -2010, is penalty applicable?
I agree with PRatik
@ Sumit- YOu cannot file return for A.Y. 2007-08 in December 2010 as return can be filed withing one year from the end of A.Y. Hence return for A.Y. 2007-08 could have been filed upto 31.03.2009
| Originally posted by : nikhil | ||
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I agree with PRatik @ Sumit- YOu cannot file return for A.Y. 2007-08 in December 2010 as return can be filed withing one year from the end of A.Y. Hence return for A.Y. 2007-08 could have been filed upto 31.03.2009 |
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LIC, MF and PF will be deducted from your salary for calculating tax.
But whole amount of EMI is not eligible for deduction u/s 80C. Only principal portion is eligible. You can claim the interest portion as 'Loss from house property', that will be adjusted from your salary income only if house property is self occupied by you, and that too upto a maximum of Rs.1,50,000.
One more point to be taken care of is, principal portion is eligible u/s 80C only if house property is complete or possession is abtained.
TDS per month will be:
Salary 450000
Deduction u/s 80C
LIC and MF 35000
PF 12000
EMI(15010*12) 180120
Taxable income 222880
Total Tax payable 3386
TDS permonth 282
Note: Effect has been taken of whole amount of EMI, as tax payable will be same if EMI is bifurcated into principal and interest portion.
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